Saudi Arabia's state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets.
Saudi Arabia’s Crown Prince and de facto ruler Mohammed bin Salman has put Public Investment Fund (PIF), Saudi Arabia’s main sovereign wealth fund, at the centre of reforms aimed at diversifying the economy of the world’s top oil exporter away from fossil fuel.
All major oil companies have taken a hit in the second quarter as lockdowns to contain the coronavirus limited travel.
Apple, the maker of iPhones, has toppled the world's biggest company in value, despite the coronavirus pandemic.
OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day during May-June to prop up prices that collapsed due to the coronavirus crisis.
Saudi Aramco plans to cut capital spending to between $25 billion and $30 billion in fiscal year 2020, down from $32.8 billion a year ago.
Saudi oil giant Aramco may cut its dividend to the Saudi government, but is likely to maintain payouts to minority shareholders as a plunge in crude prices shrinks first-quarter profits, analysts said.
Major U.S. lenders are preparing to become operators of oil and gas fields across the country for the first time in a generation to avoid losses on loans to energy companies that may go bankrupt, sources aware of the plans told Reuters.
Rout in energy prices has sparked Chesapeake Energy Corp. looks for debt help
Oil giant Saudi Aramco is witnessing a decline in profit while the war on oil price wages on amid the coronavirus pandemic.
Saudi Arabia has been producing around 9.8 million barrels per day, carrying the bulk of cuts that were agreed upon by OPEC members and other major oil producers, namely Russia, to stave off an oversupply in the market that would further push prices down.
Oil futures on Monday suffered their biggest one-day percentage plunge since the Gulf War in January 1991
Prince Ahmed bin Abdulaziz al Saud, a brother of Saudi King Salman, and Prince Mohammed bin Nayef bin Abdulaziz al Saud were both accused of treason
DAMMAM, Saudi Arabia, - Saudi Aramco is launching the biggest shale gas development outside of the United States to boost domestic gas supply and end the burning of oil at its power generation plants, Chief Executive Officer Amin Nasser told Reuters on Monday.
Oil prices have continued to rise, with Brent crude trading above $70 a barrel.
Another three people were sentenced to prison for a combined 24 years, according to a statement read by the attorney general's office on Saudi state TV. No individual breakdown for the sentencing was given.
The Aramco IPO comes with many questions.
As oil giant Saudi Aramco goes public, should you invest?